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Archive: 23 May 2022

Posts in 23 May 2022

RBI Constitutes Committee for Review of Customer Service Standards in RBI Regulated Entities

May 23, 2022 405 Views 0 comment Print

RBI announced setting up of a Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) for examining and reviewing the state of customer service in the REs and adequacy of customer service regulations and suggest measures to improve customer service.

Govt notifies certain courses offered in IFSC as financial service

May 23, 2022 1428 Views 0 comment Print

Central Government hereby notifies courses offered in Financial Management, FinTech, Science, Technology, Engineering and Mathematics by foreign universities or foreign institutions in the International Financial Services Centre, as financial service.

HC quashed NFAC order passed without discussing reply to SCN filed by assessee

May 23, 2022 1668 Views 0 comment Print

Vellaian Selvaraj Vs Additional/Joint/Deputy/Asst. CIT/ITO (Madras High Court) Considering the fact that the impugned Assessment Orders have been passed without any discussion, these Writ Petitions are allowed by remitting the case back to the National Faceless Assessment Centre to pass a fresh order within a period of sixty days based on the reply filed by […]

Compliances for E-commerce Operators & Participants under GST & Income Tax!!

May 23, 2022 18297 Views 3 comments Print

Learn about the compliances for E-commerce Operators and Participants under GST and Income Tax. Stay informed and avoid legal complications.

No addition for receipt of sales in cash under section 68

May 23, 2022 2988 Views 0 comment Print

Kanchan (Widow) Vs ITO (ITAT Jaipur) AO admitted the fact that the appellant has made the sales supported by delivery challan and invoice and copy of party’s ledger account. This sale since accepted and the receipt of the sales in cash cannot be considered as an amount of income under the provision of section 68 […]

Eligibility for two family pensions- clarification

May 23, 2022 1137 Views 0 comment Print

Representations received seeking clarification in regard to entitlement of a member if family for family pension from two different sources in respect of the same Government servant/pensioner

Prohibition on export of wheat – Advisory against fraudulent back dated Letter of Credit

May 23, 2022 531 Views 0 comment Print

For registration of L/C with the RAs of DGFT, apart from the L/C date, the message exchange date between the Indian and foreign bank / Swift date should also be on or prior to 13.5.2022.

Consider plea for extension of payment date under SVLDR scheme due to Cancer Treatment of Assessee – HC directs dept

May 23, 2022 1032 Views 0 comment Print

Delhi HC allows petition challenging recovery notices. Petitioner seeks leniency citing financial constraints and health issues.

Lawful expense cannot be disallowed merely for claim under wrong head

May 23, 2022 1761 Views 0 comment Print

ACIT Vs Uniworth Textiles Ltd. (ITAT Kolkata) We find that during the year the assessee has written off the sum of Rs. 84,56,692/- on account of sundry balance written off which was charged to the account of profit and loss account. We note that the substantial part of the amount represented the stock written off […]

How did Adani strike a tax-free acquisition of Ambuja Cements & ACC !!

May 23, 2022 48171 Views 0 comment Print

Through this article, we aim to uncover the probable rationale and takeaways from this acquisition, for which we need to first understand the ownership structure of both the groups – Holcim and Adani.

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May 2022